12:12
I remain unsatisfied until egg prices are negative.
Warning
Info
Warning
Info
LSDefine
Simple English definitions for legal terms
Mutual Wills
Read a random definition: Tenancy in Common
A quick definition of Mutual Wills:
Mutual wills are wills made by two people, usually spouses or committed couples. They are two separate wills that are the same or very similar. The purpose of mutual wills is to give the survivor of the two people the property in the wills, and then to specified individuals after the survivor dies. Mutual wills can have a clause that says they cannot be changed without both people agreeing. If a mutual will is made correctly, the surviving spouse cannot change the will or give away the property while they are alive. Before one person dies, either person can change their will as long as they tell the other person first.
A more thorough explanation:
Mutual wills are wills made by two or more people, usually spouses or committed couples. These wills are reciprocal, identical, or substantially similar. The purpose of mutual wills is to grant the survivor of the two the property contained in the wills, and then to specified individuals after the death of the survivor.
For example, John and Jane are a married couple. They create mutual wills that state that if one of them dies, the other will inherit all of their property. After the death of the survivor, their property will be distributed to their children.
Mutual wills can contain clauses that they are not revocable without the consent of both parties. Without such a clause, mutual wills do not automatically carry the presumption of a contract.
For example, if John and Jane's mutual wills do not contain a clause that they are not revocable without the consent of both parties, John can change his will after Jane's death.
If a mutual will has been properly created, a surviving spouse cannot later change the terms of the will or make an inter vivos transfer of funds. Prior to the death of the first spouse, however, either spouse can make changes to their will as long as they first notify the other spouse that they have done so.
For example, if John and Jane's mutual wills contain a clause that they are not revocable without the consent of both parties, John cannot change his will after Jane's death. However, before Jane's death, either John or Jane can make changes to their will as long as they first notify the other spouse that they have done so.